Elixir Energy’s Neil Young updates Proactive on activity at the company’s wholly-owned Nomgon IX coal bed methane (CBM) Production Sharing Contract in Mongolia. The energy stock recently finished drilling the Bulag-Suuj-1S exploration well and is now spudding the Venetian-1S exploration well as part of an exploration and appraisal program. Moving ahead, the company’s extended pilot production program is advancing in parallel to exploration and appraisal drilling. Young says as Elixir moves into the middle of the Mongolia summer, the company’s operations efforts are moving into top gear.
Tlou Energy’s Tony Gilby and Colm Cloonan report from Botswana where they say, in the field, they’ve spent a lot of time assessing operations, in particular the flowing gas wells, connection to the grid and producing first revenue. Gilby says the Lesedi-3 well has started out very strongly while Lesedi-4 is also making great progress.
enCore Energy Corp executive chairman William M Sheriff joined Proactive’s Stephen Gunnion with details of the sale of its Cebolleta Uranium Project in New Mexico to Future Fuel Corporation.Sheriff telling Proactive that the move is a major step towards reaching enCore’s goal of becoming the next producer of American uranium.The sale resulted in enCore holding approximately 15.90% of Future Fuels and a US$250,000 boost to its balance sheet, which he said will help bring enCore’s Rosita Central Uranium Processing Plant back into production.
Brookside Energy’s David Prentiss updates Proactive about the momentum it currently has at Flame’s Well, where Contractor Producers Service Corp (PSC) will start moving in equipment. The managing director explains why the completion of its HBP program in the SWISH Area of Interest (AOI) in the world-class Anadarko Basin of Oklahoma is a significant milestone. Operations are expected to be completed in the first week of June, with completion of the Flames Well and the establishment of oil and gas sales from this DSU continuing the significant operational momentum in a high oil price environment.
Tietto Minerals’ Mark Strizek speaks with Proactive about the pleasing nature of the high-grade gold intercepts found in the second batch of assay results from ongoing infill drilling at AG South, within Tietto’s 3.45-million-ounce Abujar Gold Project in Côte d’Ivoire, West Africa. Strizek explains how the “company is drilling and building” and how it is converting the Indicated into a Measured resource. A highlight from the latest drilling was the 55.13 g/t gold in one intersection. Tietto has six diamond drill rigs on site and has ordered two more to help hit its targets. Finally, the Tietto executive director updates the Life of Mine schedule and what to expect next from the company.
Australian wine exporters have had to navigate an exceptionally challenging operating environment, largely caused by the imposition of tariffs on bottled Australian wine imported to mainland China, a new report says.
CleanSpark Inc Executive Chairman Matthew Shultz tells Proactive said it has finalized $35 million in non-dilutive financing from Trinity Capital Inc, a provider of venture debt financing.The company said the three-year equipment financing agreement is backed by 3,336 new S19j Pro miners and carries an annual interest rate of 9.9%.CleanSpark said it intends to use the proceeds from the facility for growth capital expenditures. Currently, the company has a fleet of over 23,000 latest-generation bitcoin mining machines in operation, with approximately 12,000 machines pending delivery and deployment in batches through October 2022.What’s more, it has announced that it is now a partner of Sustainable Bitcoin Standard (SBS), an organization that incentivizes clean bitcoin mining.
FTSE 100 opened lower than expected as a raft of ex-dividends outweighed bumper numbers from electric vehicle maker Tesla. The blue chip index was down 3 at 7,626 in the early trades.Tesla posted another record quarter for profits, beating market expectations despite ongoing supply chain issues. Shares jumped 4% in after-hours trading as boss Elon Musk said deliveries this year should rise by 60%.One of Netflix’s largest shareholders, Bill Ackman, has sold his stake in the company, adding to the uncertainty surrounding the streaming service. It is estimated his hedge fund has lost over US$400mln as a result.THG, better known as The Hut Group, said it has received indicative bid proposals from a number of potential suitors in recent weeks, but deemed them “unacceptable” for failing to reflect the “fair value” of the online retail platform. Revenue growth in its first quarter slowed to 17.2% year-on-year.Gear4music warned revenues and earnings will be less than expected as rising inflation and weaker demand hit adding the first half of 2023 “may be more challenging”. The largest UK-based online retailer of musical instruments and music equipment said underlying profits in the year just ended will be below consensus.Base Resources, the mineral sands miner, reported record revenue for the March quarter as strong demand supported further price increases for all of its products. Sales revenue jumped to $740 per tonne from $478 in the year-earlier quarter.Neuroimaging pioneer Ixico has won a contract with an unnamed biotech worth around £800,000 to provide its expertise in assessing the progression of Huntington’s Disease. Specifically, it will support a global observational study to assess participants for early detection using its artificial intelligence-led data analytics.
Kinetiko Energy’s Adam Sierakowski tells Proactive about a strategic investment from South African energy group Phefo Power. The energy stock is also chasing $3.1 million via a rights issue to accelerate oil and gas exploration across energy-hungry South Africa. The raise comes after Kinetiko executed agreements with South Africa’s Industrial Development Corporation to co-develop a gas production field, expected to comprise up to 20 wells.
Kinetiko Energy Ltd’s Adam Sierakowski speaks to Proactive about how the Industrial Development Corporation of South Africa (IDC) is partnering with Kinetiko’s subsidiary, Afro Energy, on a 20-well program to create gas resources to help power South Africa. Kinetiko has already obtained approvals to drill 10 of up to 20 wells in a gas field adjacent to the company’s existing Amersfoort wells.
Gevo Inc Patrick Gruber tells Proactive it has signed a “take-or-pay” agreement with Delta Air Lines Inc to supply 75 million gallons of sustainable aviation fuel (SAF) per year for seven years.Based on current assumptions, including those around future pricing of commodities and the future values of certain environmental benefits, Gevo said it estimates that the agreement should generate about $2.8 billion of revenue, inclusive of the value from environmental benefits.
China is in the middle of a huge power crunch as extreme weather, surging demand for energy and strict limits on coal usage deliver a triple blow to the nation’s electricity grid. It’s a problem that could last for months, straining the country’s economic recovery and weighing on global trade.Several Chinese provinces have said they are facing a power crunch in recent weeks, including some of the country’s most important engines for economic growth.Guangdong province — a manufacturing center responsible for $1.7 trillion, or more than 10%, of China’s annual economic output and a bigger share of its foreign trade — has been rationing power for over a month. The restrictions have forced companies across the province to shut down for a few days per week. Some local authorities are warning that power rationing could last through the end of the year.It’s not just Guangdong. At least nine provinces have said they are dealing with similar issues, including Yunnan, Guangxi and the manufacturing hub of Zhejiang, forcing regional authorities to announce power curbs across an area of China the size of the United Kingdom, Germany, France and Japan combined.The power crunch even contributed to a slowdown in factory activity growth in China in June, the country’s National Bureau of Statistics acknowledged on Wednesday.It’s the worst energy shortage in China since 2011, when droughts and surging coal prices pushed 17 provinces or regions to curb electricity use. Power plants are reluctant to produce a lot of electricity when the coal they burn is expensive: Beijing controls the cost of power, so producers can’t simply raise their prices.This time around, the post-pandemic commodities boom and severe weather are once again forcing coal power plants to curb output, while also hampering hydroelectricity. But there’s a key difference: China is also grappling with how to meet President Xi Jinping’s push for a carbon neutral China by 2060. That ambitious target for the world’s biggest coal consumer has led the country’s coal mines to produce less, resulting in higher prices, according to Yao Pei, chief strategist for Chinese brokerage firm Soochow Securities.